Most hedge funds are underperforming the markets this year. In fact, since 2004, most hedge funds have actually underperformed the boarder markets, despite the huge bull market in stocks.

Since most hedge funds get paid based on their returns for the year, managers who do not want to underperform are turning to shareholder activism as a way to increase shareholder value and ultimately boost their returns.

Here at Stockpickr.com, we track many of the Latest Activist Situations for those interested in piggybacking these funds. We highlight a few of those situations here.

Hedge fund DellaCamera Capital may consider a "public consent solicitation" to amend Enzon’s (ENZN) bylaws to let shareholders have a more active role in overseeing the company.

DellaCamera, who has also urged Enzon to immediately engage an investment bank to explore strategic alternatives, believes that the "cash-generating potential of these businesses coupled with synergies that an acquirer could bring are significant."

In its latest proposal, DellaCamera is urging Enzon to take certain actions to boost shareholder value, including looking at an $80 million share-repurchase program, monetizing a minimum of $70 million of its royalty streams and soliciting bids for Enzon's marketed products and royalty segments.

Enzon seems like a very interesting stock to piggyback from, as its largest shareholders are Pequot Capital , Renaissance Technologies and ultimate activist investor Carl Icahn, who has also publicly stated that he believes Enzon should be sold.

Enzon has a mammoth short position of 35%.

Next on the list is Toreador Resources (TRGL). Hedge fund Matlin Patterson sent a letter to the board suggesting that the oil and natural gas company should sell itself.

Toreador holds rights to explore and develop oil and natural gas properties in offshore and onshore Turkey, Hungary, Romania and the Black Sea.

Matlin Patterson, which controls about 10.8% of the company, also has sizeable positions in Dynegy (DYN), Rosetta Resources (ROSE) and Peabody (BTU).

Next is Kona Grill (KONA). Mill Road Capital said that Kona Grill had rejected its nonbinding $10.75-a-share purchase offer.

Cowen analyst Paul Westra reiterated an outperform rating on the stock. "We support the idea of a proactive investor taking a material stake in KONA; we, however, don't expect this takeover to succeed," he wrote.

He said he doesn't think the $10.75 per share is a fair long-term value for Kona, and he also estimates that management controls nearly half of the company's shares -- and "also likely believes" that the shares' value is above the offer price.

And finally we have Sonus Networks (SONS). Legatum Global Holdings, which holds a massive 24.8% stake in Sonus, accused the company of having adopted a poison pill simply to fend-off Legatum’s complaints.

Sonus, which provides voice infrastructure solutions for wireline and wireless services, is down about 65% for the year. The company has $375 million in cash in the bank and zero debt. Sonus also has a short position of 15%.

For more activist ideas, including Yahoo! (YHOO), please check out the Latest Activist Situations portfolio, which we update daily with the latest situations recorded by the StreetInsider.com 13D Tracker.

Also, here are the latest activist filings from Barron’s.